NEW YORK, NY / ACCESSWIRE / September 26, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Samsara Inc. ("Samsara" or "the Company") (NYSE:IOT). Investors who purchased Samsara securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/iot.
The investigation concerns whether Samsara has violated federal securities laws.
Investigation Details:
On September 21, 2023, Spruce Point Capital Management ("Spruce Point") issued a short report on Samsara. The Spruce Point report stated, among other allegations, that "[a]fter conducting a forensic investigation into its financial reporting and accounting practices and multiple Freedom of Information Act (FOIA) requests to evaluate client contracts, we estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively." The report further stated that "[t]hese accounting distortions come as no surprise to us after seeing that its Chief Accounting Officer held a financial and accounting leadership role at VMware during a period the SEC charged it with ‘misleading investors by obscuring financial performance.'" On this news, Samsara's stock price fell $1.67 per share, or 6.62%, to close at $23.55 per share on September 21, 2023.
What's Next?
If you are aware of any facts relating to this investigation or purchased Samsara securities, you can assist this investigation by visiting the firm's site: bgandg.com/iot . You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC